Abstract
This paper firstly theoretically analyzes the specific mechanism of Green Finance in promoting the high-quality development of China’s economy through three channels: optimizing the industrial structure, improving the ecological environment and supporting the development of the new economy. On this basis, by choosing relevant data of China from 2004 to 2018 to construct the evaluation indicators system of economy quality and synthesizing the high-quality development index of China’s economy, then this paper empirically analyzes the impacts of Green Finance on High-Quality Development of China’s Economy by using VAR model. It is found that Green Finance has a significant positive correlation with the optimization of China’s Economy Quality Index. With the increase of green financial investment, China’s industrial structure tends to be rationalized and advanced, and the ecological environment is improved, the new driving force of economic development is constantly strengthened, so as to promote the development of China’s economy quality. Finally, according to the research results, the paper puts forward some policy recommendations.
Highlights
In order to compare with the effect of Green Finance, we examine a number of financial indicators, among which Financial Deepening Rate (FDR) is relatively representative, and the empirical analysis can pass the stability test
With the gradual promotion of China’s green development strategy, financial institutions continue to increase the support of green finance, the proportion of green credit increases, and the proportion of black loans decreases, from the theoretical and empirical analysis results, we can see that the impacts on the upgrading of industrial structure and green economic development are very obvious, which effectively promote the high-quality development of China’s economy
Research conclusions: theoretical analysis shows that green finance promotes high-quality development of economy mainly through three channels, including optimizing industrial structure, improving ecological environment and supporting new economic development, and each channel has its own specific mechanism
Summary
Congress of the Communist Party of China in 2017, indicating that China’s economy has shifted from the stage of high-speed growth to the stage of high-quality development. The secondary industry with high pollution and high energy consumption such as coal and steel has been in a dominant position in the industrial layout for many years, and the extensive growth-oriented development mode has led to increasing pressure on resources, ecology and the environment. The problems such as imbalance of supply and demand, the transformation of industrial structure need to be solved urgently. Financial institutions have responded positively, and green finance policies have gradually become an important force to boost green economic development and promote the optimization and upgrading of industrial structure. Markandya et al (2015) used Dynamic CGE model to empirically study the impacts of green financial development on
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